Cyprus’s maritime sector is thriving, with a 5.5% growth and a 14% increase in tonnage tax system companies, while the government tackles challenges in banking. Strategic dialogues aim to boost Cyprus’s global maritime standing and address concerns about consumer and tourist safety.
Cyprus and Montenegro have signed a MoU for mutual recognition of maritime certificates, setting a precedent for international collaborations and addressing seafarer shortage. The agreement enhances flexibility and employment opportunities in both countries’ maritime sectors, strengthening their bilateral relationship.
Larnaca port workers rallied against Kition Ocean Holdings’ job terminations, prompting government intervention to secure their employment while a new operator is sought, as international interest from Qatar emerges for the port’s future development.
Tototheo Maritime has rebranded to Tototheo Global, shifting its focus to land, air, and sea technology solutions with a commitment to revolutionize connectivity through AIdriven analytics and custom software. The company will showcase its innovative vision at the prestigious Posidonia 2024 exhibition in Athens, aiming to become a leading technology provider on a global scale.
The termination of the Larnaca port and marina project agreement, due to Kition Ocean Holdings’ failure to meet financial obligations, has left the future of the multibillioneuro development in question. The abrupt cancellation has raised concerns about the government’s handling of largescale investments and the impact on the local economy and stakeholders.
The Limassol Boat Show 2024, scheduled from May 23 to May 26 at Limassol Marina, is the largest boat show in the Eastern Mediterranean, attracting over 35,000 visitors and 120 exhibitors, showcasing the latest marine technology and yachts. Prepare for a spectacle of sea and splendor as the event promises an electrifying fusion of luxury, innovation, and entertainment, offering a hub of maritime mastery, leisure, and adventure for enthusiasts of all ages and interests.
The International Investment Conference 2024 in Cyprus aimed to strengthen business ties between Cyprus and Great Britain, focusing on promoting the growth of Cyprus’s maritime sector amidst global economic and geopolitical challenges. Industry leaders came together to exchange ideas and strategize on enhancing the competitiveness and appeal of the maritime industry despite current hurdles.
Cyprus takes the lead in maritime sustainability, endorsing the NetZero Industry Act proposal and positioning itself as a global pioneer. In other sectors, the nation celebrates Keve’s 97th anniversary, anticipates business loan rate reductions, and emphasizes corporate governance for enhanced performance and transparency.
Cyprus is abuzz with growth as its property sector flourishes, highlighted by the REALTYon event and Larnaca’s emergence as an investment hub. The country’s economic landscape is improving, with a notable reduction in the trade deficit and alignment with Eurozone fiscal policies, while initiatives in maritime, tourism, banking, telecommunications, and digital protection further showcase Cyprus’s dynamic and forwardthinking approach.
Cyprus made strides at the European Cruise Summit in Genoa by advocating for sustainability, women’s employment, and enhancing EU port competition. Deputy Minister of Shipping, Marina Hadjimanolis engaged in critical discussions, showcasing Cyprus’s commitment to a diverse, competitive, and environmentallyconscious maritime industry.
